Record label and talent agency YG Entertainment manages the careers of some of the biggest K-pop stars. YG’s roster includes fashion-conscious artists PSY, Big Bang, and 2NE1. The company has a market value of $690 million.
LVMH (Louis Vuitton Moët Hennessy) is investing up to $80 million in YG Entertainment. L. Capital Asia (a branch of LVMH) will invest 61 billion won ($59.6 million) in preferred YG shares. LVMH is also negotiating the purchase of $20 million in shares from Yang Hyun-suk, YG’s founder and largest shareholder.
Reuters reports that the two companies are also discussing a strategic partnership.
In 2009, Louis Vuitton sponsored Big Bang member G-Dragon.
Nina Ulloa covers breaking news, tech, and more. Follow her on Twitter: @nine_u
That’s one way to piss away millions – similar to the $250 million that LVMH invested in MP3.com back in the day.
There are massively popular artists..not sure how it’s “pissing away millions”.
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wow! YG is so amaaazing 🙂